This is in the wake of the Harry Redknapp hoo-haa:
Alan Smith reluctantly left Leeds - did them a financial favour, in fact. If treated well by the club, there can remain a loyalty. Redknapp, though, does not appear to have been treated especially well by Portsmouth. He is doing a good job and the chairman changes the whole dynamic of the club by introducing into the mix Velimir Zajec as a virtual director of football.
Actually, had Redknapp pressed the issue, it could have amounted to constructive dismissal if tested at an employment tribunal because his position had been changed and responsibility taken from him. Then again, Redknapp secured the manager's job at Fratton Park via the director of football route.
Loyalty is thus a two-way street. Players and managers are often criticised for moving on too readily as soon as they get a better offer. Usually, though, they are regarded by clubs as commodities. If the club themselves get a better offer, they will often take it.
Loyalty, and sentiment, played little part in Sir Alex Ferguson's decisions to sell David Beckham and Nicky Butt and probably will not should a Newcastle offer for Ryan Giggs turn out to be acceptable. Fans would expect managers to sell, boards to dismiss managers, should performances and results drop. Then the player or manager is berated for holding out for his contract to be paid up. If they love the club, it seems, they should play for nothing then walk away with nothing. Nor should they take up a job with local rivals.